A Release Letter of Credit is utilized when a beneficiary wishes to formally surrender their rights under an existing Letter of Credit, typically after the underlying transaction has been completed or alternative arrangements have been made. This document, governed by US banking regulations and international trade practices, provides legal protection for all parties by clearly documenting the release of obligations. The Release Letter of Credit must comply with UCC Article 5 requirements and often incorporates ICC guidelines, making it a crucial document in international trade finance and banking operations.
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1. Letter of Credit Reference: Original LC number and issuing bank details
2. Release Declaration: Clear statement of release and cancellation
3. Amount Released: Specific amount being released from the LC
4. Beneficiary Details: Complete information of the party releasing the LC
5. Authorization: Statement of authority to execute the release
1. Partial Release Details: Required when only releasing part of the LC amount
2. Underlying Transaction Reference: When release is connected to specific completed transactions
3. Conditions for Release: If release is subject to specific conditions being met
1. Original Letter of Credit: Copy of the original LC being released
2. Authorization Documents: Corporate resolutions or powers of attorney if required
3. Transaction Evidence: Proof of completion of underlying transaction if relevant
Relevant legal definitions
Letter of Credit
Original Letter of Credit
Issuing Bank
Beneficiary
Applicant
Release Date
Released Amount
Remaining Amount
Advising Bank
Release Notice
Banking Day
Authorized Representative
Effective Date
Original LC Number
Documentary Credit
UCP 600
Governing Law
Release Confirmation
Outstanding Obligations
Partial Release
Original Letter of Credit
Issuing Bank
Beneficiary
Applicant
Release Date
Released Amount
Remaining Amount
Advising Bank
Release Notice
Banking Day
Authorized Representative
Effective Date
Original LC Number
Documentary Credit
UCP 600
Governing Law
Release Confirmation
Outstanding Obligations
Partial Release
Clauses
Identification of Letter of Credit
Release Declaration
Authorization
Representations and Warranties
Governing Law
Notices
Further Assurance
Entire Agreement
Counterparts
Severability
Amendment
Waiver
Third Party Rights
Assignment
Indemnification
Acknowledgment
Force Majeure
Dispute Resolution
Execution Authority
Binding Effect
Release Declaration
Authorization
Representations and Warranties
Governing Law
Notices
Further Assurance
Entire Agreement
Counterparts
Severability
Amendment
Waiver
Third Party Rights
Assignment
Indemnification
Acknowledgment
Force Majeure
Dispute Resolution
Execution Authority
Binding Effect
Relevant Industries
Relevant Teams
Relevant Roles
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